Biden Calls for 44.6% Capital Gains Tax Rate, Highest Capital Gains Tax Since Its Creation in 1922 President Biden has formally proposed the highest capital gains tax in over 100 years. Here is a direct quote from the Biden 2025 budget proposal: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.” Yes, you read that correctly: A Biden capital gains and dividends tax rate of 44.6% Under the Biden proposal, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%. Making matters worse, the capital gains tax is not indexed to inflation. So Americans get stuck paying tax on some “gains” that are not real. Biden’s inflation makes this especially painful. The Biden rate is more than twice as high as China’s rate. China’s capital gains tax rate is 20%. Is it wise to have higher taxes than China? And with Biden’s combined federal-state capital gains rate of 59% in California, residents will face a rate nearly three times as high as China.
Its election time,he lies his ass off more than usual around this time.Anyone with a brain knows this wont happen.
Biden's capital gains tax proposal could crush the economy, experts say President Biden's latest proposal to hike the top capital gains tax rate to its highest level in more than a century is facing heavy criticism from experts who warn such an action could significantly harm the U.S. economy. According to a report issued by the Treasury Department, led by Secretary Janet Yellen, the president's proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to a staggering 44.6%. A capital gains tax hike of that magnitude would take the rate to its highest level since it was first introduced in the early 1920s. "Investment is the real driver of economic growth," E.J. Antoni, an economist and research fellow at The Heritage Foundation, told Fox News Digital. "Investment is what gives you productivity gains. Investment is where you get factories and machines — it's where businesses are able to provide their workers with tools and equipment that allow them to increase their productivity, to increase wages, etc." "If you're going to tax something, you get less of it," he continued. "And that's just as true for investment as it is for anything else. Taxing capital gains means less investment, it means less economic growth, and it means the rise in people's standards of living is going to slow dramatically."
Seriously...come on. Anyone who pretends these people do not lie is living in la la land especially in an election year. Every president lies—at some point. It’s the nature of politics and diplomacy. Sometimes, a president might convince himself that a lie is in the national interest. A president might lie to shield the public from damaging information that could undermine sensitive missions. A lie could be a way to protect intelligence vital to national security. Or a presidential falsehood could be inadvertent, the result of sloppy staff work or wishful thinking. Not every lie is equal. There is the daily fluff of campaigning... And then there’s Donald Trump, the most mendacious president in US history. He almost never expresses regret. He’s not known for one big lie --- just a constant stream of exaggerated, invented, boastful, purposely outrageous, spiteful, inconsistent, dubious and false claims. https://lithub.com/a-hierarchy-of-american-presidential-lies/ Simply, anyone who has grown up in the United States of America should already know that EVERY politician will LIE to your face. It's the nature of being a politician in America. wrbtrader